Activity 1

In an essay - What is the importance of designing, modifying, or

developing a product to meet the needs of a regional or global basis? Put your
answer in the below box. Submit in the MVLE

Globalization has set a new landscape for International Marketing. It also

leads to the changes of marketing operations with the reduced distances and
the convergence of the different markets around the world. Companies are
now aware of the arising number of opportunities in these global markets and
are racing in developing a product that will cater the needs of specific markets.
Product development has become the heart of the global marketing process
and this includes the development of new products and the modification of old
ones in order to cater the changing needs of customers in a regional and
global basis. This is the reason why it is important for marketers to develop a
global product that can serve the majority of the consumers with adaptability
and innovation.
Successful companies put a lot of effort in data gathering and Research
and Development (R&D) just to have a plan in their product development. The
main reason for this is that the likelihood of failure is greater if they don’t plan
their product development well. They also employ crowdsourcing as a way to
tap into the minds and hearts of their potential customers in a given market in
order to know their preferences. Companies also consider the existing culture
and legal regulations in the planning phase of the product. These are some of
the variables that may call for an adaptation and modification of a company’s
product offering. The reason why companies conduct activities like these is to
address the conflicting needs between domestics and international markets
because trends and wants vary intensively across border and what a company
offers domestically may not have the same value across national borders. By
successfully planning an effective product offering, companies will be able to
take advantage of resources in a given country to maximize the production of
their planned product. Furthermore; product development, adaptation, and
modification are marketing tools that serves a variety of strategic needs. They
assist in catering the needs of different markets and helps companies compete
effectively with other companies in a market.
International Marketing relies heavily on the marketers’ ability to adapt to
changes and address the needs of differing markets. Research and
Development as well as Crowdsourcing are both essential tools in gathering
information to be used in the planning phase of the product development
process. After all; an effective product development will lead companies into
successful operations across national borders with less risks of failure.
Activity 2
In an essay: How can pricing serve as a means of strategy or as a
competitive tool with buyers? Put your answer in the below box. Submit in the
MVLE
Activity 3
Create an infographic regarding THE MESSAGE CHANNEL. Submit in the
MVLE.

Activity 4
Create a 3-5-minute video/short video regarding the “Growing role of
service in the Global Economy” send it in GDRIVE: File name: Last Name-First
Name_UNIT III Activity 4
Section A:
https://drive.google.com/drive/folders/1n3okSIlaDe0olKA08hMz3O65cDDgBAVJ
?usp=sharing
Section B:
https://drive.google.com/drive/folders/1BYq5fNrHrdoos6_BDddp1Ax1eBPWWeSI
?usp=sharing

Instructions: Activity 1-3 will be submitted in the MVLE in one file only. The
activity 4 will be submitted in the GDRIVE.